Onto Innovation (NYSE:ONTO) Hits New 12-Month Low – Here’s Why

Onto Innovation Inc. (NYSE:ONTO)’s share price reached a new 52-week low on Tuesday . The company traded as low as $122.48 and last traded at $123.49, with a volume of 1573404 shares traded. The stock had previously closed at $132.82.

Analyst Upgrades and Downgrades

ONTO has been the topic of a number of recent analyst reports. Stifel Nicolaus reduced their price objective on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $250.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Oppenheimer reduced their price objective on shares of Onto Innovation from $275.00 to $240.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, StockNews.com raised shares of Onto Innovation from a “sell” rating to a “hold” rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $246.88.

Onto Innovation Stock Up 7.6 %

The stock’s 50 day moving average price is $178.96 and its 200-day moving average price is $184.01. The stock has a market capitalization of $6.60 billion, a P/E ratio of 33.01, a P/E/G ratio of 0.89 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. Analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

Insider Activity at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now owns 15,223 shares of the company’s stock, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael P. Plisinski sold 35,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the completion of the transaction, the chief executive officer now directly owns 150,492 shares of the company’s stock, valued at approximately $32,986,341.48. This represents a 18.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,827 shares of company stock valued at $18,182,185 over the last 90 days. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. raised its holdings in shares of Onto Innovation by 22.8% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the semiconductor company’s stock worth $66,000 after buying an additional 74 shares during the last quarter. Northwest & Ethical Investments L.P. raised its holdings in shares of Onto Innovation by 7.8% in the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock worth $218,000 after buying an additional 76 shares during the last quarter. Bridge City Capital LLC raised its holdings in shares of Onto Innovation by 1.0% in the fourth quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company’s stock worth $1,361,000 after buying an additional 78 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Onto Innovation by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 1,533 shares of the semiconductor company’s stock worth $256,000 after purchasing an additional 81 shares during the last quarter. Finally, Huntington National Bank raised its holdings in shares of Onto Innovation by 26.3% during the third quarter. Huntington National Bank now owns 423 shares of the semiconductor company’s stock worth $88,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Company Profile

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.